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Market Report

Wednesday, 19-Mar-2014

NSE

  • Markets consolidated today after hitting fresh all-time highs on Tuesday amid profit taking in IT majors after TCS reportedly said that growth in Q4 March 2014 is likely to be subdued. Further, investors also turned cautious ahead of the US Federal Reserve policy review later today.

  • After touching the day's high at 21,895.83 at the outset, the Sensex fell back to end with a negligible 0.25-point rise at 21,832.86 today. The gauge had dipped to 21,782.01 during mid-session on heavy selling in IT stocks. However, the broad-based NSE index Nifty managed to end higher by 7.40 points, or +0.11 per cent, at 6,524.05 today. The index shuttled between 6,541.20 and 6,506.00 intra-day.

  • Brokers said the sentiment was poor as IT stocks dropped on growth concerns while overseas investors awaited outcome of the US Fed's Federal Open Market Committee (FOMC) that will conclude its first meeting today after Janet Yellen succeeded Ben Bernanke as chair.

  • Foreign institutional investors continue to remain positive on Indian equities after they remained net buyers to the tune of Rs 1,012 crore on Tuesday and Rs 1,070 crore today, as per the provisional data on the stock exchanges. See our 'Market Statistics' page.

  • The Rupee was trading higher at 61.02/03 versus Tuesday's close of 61.19/20 with dollar selling cited by two large foreign banks.

  • Globally, Japan's Nikkei share average rose to a one-week high today on hopes the Ukraine crisis will not deepen.

  • Analysts say the rally in the benchmarks has been a swift one and thus some consolidation is expected in the near-term. Strong dollars inflows, positive sentiment in global markets, hopes of an economic recovery back home and a stable government at the Centre after elections have been fuelling the rally. Most brokerages have turned bullish on India and expect the Nifty to continue to move higher in unchartered territory throughout calendar year 2014.

  • Don't expect Nifty to move to 7000-7200 in a hurry, says Sandeep Wagle. Do not expect too much from the Nifty. I do not think 6430 will be broken on the downside, and 6750 can be a good resistance. It may not move to 7000-7200 in a hurry, but individual stocks and sectors will have their way and, as you rightly said, the bias is very clearly on the upside, he adds.

NIFTY 3-Month

(Data/Charts courtesy NSEI/Yahoo!/iCharts/The Economic Times)